Assotech Realty to invest Rs 100 crore on service apartments in Shirdi

Assotech Realty today said it will invest about Rs 100 crore to develop a service apartment project at Shirdi in Maharashtra

NEW DELHI: Assotech Realty today said it will invest about Rs 100 crore to develop a service apartment project at Shirdi in Maharashtra.

The company would develop 125 serviced apartments in the 2.5-acre project 'Sandal Suites'.

In a statement, Assotech Realty said it has launched premier service residences at Shirdi "at an approximate cost of Rs 100 crore."

These apartment would cater to the needs of pilgrims travelling to Shirdi and expecting comfort and luxury at affordable cost.

Just walking distance from Shirdi Shrine, the project will have a small Sai Temple and Satsang Hall along with Pooja area and meditation centres, it added.

"This is an opportunity to not only own a home in the spiritual town but also make it earn valuable income from the asset so created. The investment is meant to bring recurring returns to the tune of 18-20 per cent Y-o-Y basis with expected daily rental between 5-6 thousand approximately," Assotech Realty Managing Director Neeraj Gulati said.

The NCR-based company plans to launch service residences in three segments -- business, leisure and pilgrimage.

A serviced apartment is a type of furnished apartment available for short-term or long-term stays, which provides amenities for daily use.

Under business segment, so far the targeted cities are Bangalore, Mumbai, Hyderabad, Gurgaon, Noida (under construction), Lucknow and Indore.

The religious segment includes Tirupati Balaji, Shirdi (Maharashtra) and Katra (Jammu). Goa and Kochi falls under the leisure segment.